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WASHINGTON — U.S. home prices rose in January after three months of declines with Michigan having one of the largest gains. A tight supply of homes might have helped boost prices and offset sales slowed by cold weather.
The five states with the biggest price gains in January, compared with a year earlier, were Nevada, where prices rose 22.2%; California, 20.3%; Oregon, 14.3%; Michigan, 13.7%; and Georgia, 13.4%. Mississippi was the only state to report a price decline.
Real estate data provider CoreLogic says prices rose 0.9% in January after dipping 0.1% in December. Over the past 12 months, home prices have risen 12%, the biggest year-over-year gain in more than eight years.
CoreLogic’s price figures aren’t adjusted for seasonal patterns, such